The Association of Bureau De Change Operators (ABCON) has requested the exemption of excise taxes on foreign exchange transactions.
Excise duty is a tax charged on manufactured goods, levied at the time of manufacture.
In a request at the House of Representatives’ Public Hearing on the Tax Reform Bill in Abuja on Thursday, ABCON President, Aminu Gwadabe said excise tax on foreign exchange transactions would exacerbate exchange rate volatility in the market if applied to licensed bureaux.